Sachem Capital downgraded to Neutral from Buy at Alliance Global Partners

Alliance Global Partners analyst Gaurav Mehta downgraded Sachem Capital (SACH) to Neutral from Buy with a price target of $2, down from $3, following the Q3 report. The downgrade is driven by a continued challenging environment that resulted in a credit loss provision and a breach of debt service coverage covenant, a common dividend cut of 37.5% and an increase in non-accrual loans, the analyst tells investors in a research note. The firm says Sachem’s loan originations volume remained low.